Tower shares to stop trading

Shares in
Tower
Australia Group will stop trading at the end of the day as Dai-ichi Life Insurance Company's takeover comes into effect.

Tower lodged a copy of the court order approving the scheme of arrangement with the Australian Securities and Investments Commission (ASIC), the Sydney-based life insurer said in a statement on Wednesday.

The scheme for Japan's Dai-ichi to buy Tower would be implemented on May 11.